2022 year end reminders

In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.

In this episode, Heather Horn was joined by Stephen Parker, a partner in PwC’s Governance Insights Center, to discuss the ways that finance teams can effectively communicate with those charged with governance – and for 2022, it’s all about timely discussions that are responsive to the current environment.

In this episode, you’ll hear discussion of:

• 1:51 - The core oversight responsibilities of audit committees
• 6:41 - The key issues that finance teams need to be sure they cover in their next audit committee meetings
• 16:58 - Preparing to effectively address ESG reporting questions 
• 20:55 - For directors: the importance of being proactive about sustainability disclosures and the impact of ESG matters on the business
• 32:24 - Best practices for facilitating an audit committee meeting
• 35:43 - Final advice for both directors and finance teams

Check out other episodes of our Year-end toolkit series, available in our library, including making materiality assessments and some important accounting reminders for uncertain times.

Stephen Parker is a partner in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 30 years of experience, Stephen has advised boards of directors on a variety of complex financial reporting matters. Stephen’s client service experience includes energy and utility companies, financial services companies, and nonprofits.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.

In this episode, PwC’s US Trust Solutions Quality Management leader, Michael Mullen, joins us to share his expertise managing materiality judgments and to provide insights into recent SEC activity related to materiality. 

In this episode, you’ll hear discussion of:

• 1:45 - The principle and purpose of the SEC staff’s accounting bulletin on materiality (SAB 99) 
• 5:13 - Recent SEC statements on materiality and the importance of an objective, unbiased assessment
• 10:04 - The need for a thoughtful and documented assessment of materiality before identifying an error
• 15:54 - The impact of the current macroeconomic environment on the assessment of fraud risk by management and auditors 
• 23:44 - SEC enforcement actions and expected impact of the SEC’s new compensation clawback rules
• 31:51 - Final advice and reminders for year-end materiality assessments

Check out other episodes of our Year-end toolkit series, available in our library. And listen to another podcast with Michael that takes a deeper dive on the process of making materiality assessments. 

Michael Mullen is PwC’s US Trust Solutions Quality Management leader. In this role, he oversees complex client issues, providing technical insights and expertise in support of overall quality. With over 30 years of client service experience, Michael has led numerous global client engagements.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process – from closing the books to finalizing reports.

In this episode, PwC National Office director Suzanne Stephani joins us to discuss the most timely issues preparers face on the statement of cash flows, focusing on the transactions and topics that are arising more frequently in today’s macroeconomic environment.

In this episode, you will hear reminders on the cash flow treatment of:

• 1:43 - Factoring of accounts receivable
• 8:42 - Supplier finance programs
• 12:51 - Cash equivalents, including Treasury Bills, commercial paper, and money market funds
• 18:52 - Foreign currency matters
• 27:51 - Discontinued operations
• 29:38 - Business combinations

Stay tuned for the next episode in our Year-end toolkit series. For more of our previous content on the statement of cash flows, check out Statement of cash flows: Back to basics and Building your cash flow statement in uncertain times.

Suzanne Stephani is a director in PwC’s National Office specializing in the statement of cash flows, as well as the application and interpretation of the accounting guidance related to financing and leasing transactions.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process.

In this episode, PwC partner Jennifer Spang joins us to discuss year-end income tax accounting reminders and what you need to know about recent tax law changes and standard setting activity. 

In this episode, you will hear reminders on:

• 1:12 - Valuation allowances and the pressure on realizability from rising interest rates
• 5:42 - Goodwill impairment and the simultaneous equation
• 8:08 - Tax law changes, including proposed foreign tax credit regulations
• 13:02 -  Developments related to the OECD’s Pillar II framework
• 17:29 - The Inflation Reduction Act and what it means for 2023 reporting
• 27:31 - Standard setting developments, including the upcoming Exposure Draft on the FASB’s income tax disclosure project 
• 36:06 - Final advice for year-end reporting and the importance of staying in front of tax law changes

Stay tuned for the next episode in our Year-end toolkit series. Listen to previous podcasts in our Tax toolkit series in which we discuss valuation allowances and uncertain tax positions. For more information read our summary of accounting considerations in uncertain times, our summary of Pillar II, and our Income taxes guide. In addition, check out our Financial statement presentation guide for information on the presentation and disclosure of income taxes.

Jennifer Spang is a partner in PwC’s National Office who serves as the income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process.

In this episode, PwC National Office leaders join us to discuss what is top of mind for each of them on year-end reporting, including the impact of macroeconomic and geopolitical events. 

In this episode, you will hear reminders on:

• 1:39 - Rising interest rates and their influence on nonfinancial asset impairment and debt modifications
• 13:36 - The effect of market volatility on debt and equity investments and stock compensation 
• 23:30 - The impact of inflation on revenue and inventory accounting
• 29:59 - The importance of robust disclosures related to macroeconomic events
• 33:49 - The effect of supply chain disruptions on the business
• 39:09 - Accounting issues that arise in business or asset dispositions as well as restructurings amid recession concerns 
• 51:15 - Assessing subsequent events

Stay tuned for the next episode in our Year-end toolkit series. Listen to our previous 2022 SEC comment letter podcast series for more insights related to SEC reporting, including comments letter trends related to current events, and our previous impairment toolkit podcast series, including financial and nonfinancial asset impairment.

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. 

Bret Dooley is a Deputy Chief Accountant in PwC’s National Office and the financial instruments accounting leader. He has over 25 years of experience specializing in the financial services, banking, and capital markets industries. Bret focuses on emerging financial reporting issues relating to financial instruments, developing interpretive guidance, and assisting clients in resolving complex accounting matters.

Pat Durbin is a Deputy Chief Accountant, leading the revenue and liabilities division in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.

Kyle Moffatt is PwC’s Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

In each episode of our Year-end toolkit series, our guests discuss key areas of the year-end reporting process.

PwC National Quality Organization leader, Tim Carey, joins us this week to kick off the series with his advice on dealing with the impact of broad macroeconomic issues, resolving complex technical issues, and staying ahead of the curve on the year-end close.

In this episode, our guests will discuss:

• 4:54 - Where to focus efforts for this year end 
• 16:15 - How to prepare for unexpected or unusual items
• 20:21 - The importance of re-assessing the adequacy of MD&A disclosures
• 22:50 - Why connecting the dots across functions is critical for managing issues  
• 31:54 - How to best manage the time between earnings release and filings
• 36:25 - Best practices for dealing with last minute issues and changes
• 39:07 - Tim’s recommendations for managing resources and promoting team success

Stay tuned for upcoming podcasts in our Year-end toolkit series and listen to our Q4 2022 Quarter close for further insights on the latest accounting, financial reporting, and regulatory updates to support year-end reporting. And for more information on presentation and disclosure requirements, check out our Financial statement presentation guide.

Tim Carey is PwC’s National Quality Organization leader, with 30+ years experience in complex accounting, tax and reporting issues. Tim has led large-scale teams on a wide range of projects including financial statement audits, transaction structuring, financial due diligence, and post-merger integration. 

Heather Horn is PwC’s National Quality Organization thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.